Thursday, December 13, 2007

If there’s one worry that dogs business owners, it’s the problem of having to raise prices. Inflation is part of every business’ reality, and sooner or later you will have to up prices in order to keep the margins. But as long as customers see value in your product or service, raising prices is not going to sound a death knell for your business.

Here are some tips on how you can increase prices and get away with it:

Your business must differentiate itself sufficiently. Being the cheapest in the business is not a sustainable USP. Competing on price alone, sooner or later, some rival will undercut you. Therefore you need to make sure that your product is perceived as being different from that of your competitor, by your customers.

If you manage to set yourself apart, you will carve a special place in the customers’ mind and consequently a specific niche in the market. When you gain customer loyalty, you will find that the demand for your product will not fluctuate with price.

Focus on delivering value. Most discerning customers will look for maximum value for their dollar, rather than rock bottom rates. With value, you can always win over price.

Target the right people. Don’t chase the entire world when trying to sell. Especially in B2B businesses, 80% of revenue comes from 20% of clients. Focus on developing high value buyers, as they are less likely to be swayed by increasing prices.

Invest in your customers. Don’t forget to build and sustain relationships. That is what draws your customers back to you time after time. A good product must be backed by exceptional service, because that is what secures loyalty.

Time it right. Don’t put off the decision until it reaches flashpoint. If the competition is raising prices, take the bait and follow suit. It is best to increase rates with the herd, rather than lag behind and then stand out for being the only one to do so.

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